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LEGL 2700 EPSTEIN TEST 2 QUESTIONS AND CORRECT ANSWERS
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LEGL 2700 EPSTEIN TEST 2 QUESTIONS AND CORRECT ANSWERS...
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LEGL 2700 EPSTEIN TEST 2 QUESTIONS ANDCORRECT ANSWERS
contracts - ANSWER legally enforceable promise or exchange of promises
bilateral - ANSWER type of contract where both parties have obligations in the contract
unilateral - ANSWER type of contract where only one party has an obligation
express - ANSWER type of contract that is directly stated with words that set out terms
implied-in-fact - ANSWER type of contract that conduct the parties evidencing their
intent to enter the contract (by actions you have indicated that you intended to have a
contract)
implied-in-law - ANSWER type of quasi-contract where a party was unjustly enriched
(force a contract)
executed - ANSWER when all obligations of a contract have been completed
executory - ANSWER when there are still open obligations in a contract
valid - ANSWER enforceable, nothing wrong
void - ANSWER no good from the get-go
, voidable - ANSWER can be cancelled
unenforceable - ANSWER would have been valid, but there's some issue with it that the
court finds
offer - ANSWER a promise or commitment to perform or refrain from performing some
specified act in the future; "the quality of the ______"
revocation - ANSWER when the offeror cancels the offer; can be done any time before
valid acceptance
rejection - ANSWER the offeree doesn't accept the offer
counteroffer - ANSWER a rejection with a new offer suggested
lapse of time - ANSWER say you have until a certain time to accept, but you can still
revoke it before then; offer dies after the date
subject matter destruction- ANS when the thing being offered is destroyed
offeror death or insanity- ANS when offeror no longer has capacity to nake offer
subject matter illegality - ANS offer is illegal
mirror image rule- ANS acceptance much match offer exactly to create binding contract
silence - ANSWER being silent on the offeree's part does not imply acceptance;
"automatic shipment" in course of dealing between parties may alter this rule
mailbox rule - ANSWER once the offeree has sent the acceptance into the mailbox, it is
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